Key Indices
Top Stories
Company Results | Beng Kuang Marine (BKM SP/BUY/S$0.475/Target: S$0.75)
- BKM reported 1H26 revenue of S$55.7m (+9.7% yoy), representing 51% of our forecast, while 1H26 PATMI of S$3.5m is also in line. BKM secured S$85.2m of new contracts in 1H26, while its orderbook stood at S$70.7m. We remain positive on BKM, expecting stronger 2H26 earnings on higher service demand and ASOM’s consolidation. Maintain BUY and target price of S$0.75.
Company Results | SEA (SE US/BUY/US$114.80/Target: US$181.18)
- SEA’s 1H26 revenue rose 47% yoy to US$14.9b, ahead of expectations and representing 60% of our forecast, supported by growth across all segments. Shopee’s take rate increased to 14.6%, Monee’s loan book expanded 62.5% yoy to US$11.1b, while Garena bookings normalised to US$763.5m. We roll over our valuations to 2027 and maintain BUY with an unchanged target price of US$181.18.
Market Spotlight
- US stocks were lower on Tuesday, with all indices falling as the communication services, real estate and consumer discretionary sectors fell. There were more advancers than decliners on both the NYSE and NASDAQ.
- The FSSTI rose 55.74 points to 5,754.17, supported by strength in Singtel, UMS and DBS, with both mid- and small-cap indices rising with a broad market advance on a S$3.55b turnover.
Technical Analysis
Singapore Post (SPOST SP)
- Trading Buy Range: S$0.335-0.340
Top Glove Corp (TOPG SP)
- Trading Buy Range: S$0.200-0.205
Top Stories
Company Results | Beng Kuang Marine (BKM SP/BUY/S$0.475/Target: S$0.75)
- BKM reported 1H26 revenue of S$55.7m (+9.7% yoy), representing 51% of our forecast, while 1H26 PATMI of S$3.5m is also in line. BKM secured S$85.2m of new contracts in 1H26, while its orderbook stood at S$70.7m. We remain positive on BKM, expecting stronger 2H26 earnings on higher service demand and ASOM’s consolidation. Maintain BUY and target price of S$0.75.
Company Results | SEA (SE US/BUY/US$114.80/Target: US$181.18)
- SEA’s 1H26 revenue rose 47% yoy to US$14.9b, ahead of expectations and representing 60% of our forecast, supported by growth across all segments. Shopee’s take rate increased to 14.6%, Monee’s loan book expanded 62.5% yoy to US$11.1b, while Garena bookings normalised to US$763.5m. We roll over our valuations to 2027 and maintain BUY with an unchanged target price of US$181.18.
Market Spotlight
- US stocks were lower on Tuesday, with all indices falling as the communication services, real estate and consumer discretionary sectors fell. There were more advancers than decliners on both the NYSE and NASDAQ.
- The FSSTI rose 55.74 points to 5,754.17, supported by strength in Singtel, UMS and DBS, with both mid- and small-cap indices rising with a broad market advance on a S$3.55b turnover.
Technical Analysis
Singapore Post (SPOST SP)
- Trading Buy Range: S$0.335-0.340
Top Glove Corp (TOPG SP)
- Trading Buy Range: S$0.200-0.205
Key Indices
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